BlackRock Technology Opportunities Fund BlackRock Total Emerging Markets Fund BlackRock Total Factor Fund. BlackRock Advantage Global Fund, Inc.

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1 BlackRock Advantage Global Fund, Inc. BlackRock Advantage U.S. Total Market Fund, Inc. BlackRock Asian Dragon Fund, Inc. BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Capital Appreciation Fund, Inc. BlackRock Emerging Markets Fund, Inc. BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Funds SM BlackRock Advantage Emerging Markets Fund BlackRock Advantage International Fund BlackRock Advantage Large Cap Growth Fund BlackRock Advantage Small Cap Core Fund BlackRock Advantage Small Cap Growth Fund BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies Fund BlackRock Commodity Strategies Fund BlackRock Emerging Markets Dividend Fund BlackRock Emerging Markets Equity Strategies Fund BlackRock Energy & Resources Portfolio BlackRock Global Long/Short Credit Fund BlackRock Global Long/Short Equity Fund BlackRock Health Sciences Opportunities Portfolio BlackRock High Equity Income Fund BlackRock Impact Bond Fund BlackRock Impact U.S. Equity Fund BlackRock International Dividend Fund BlackRock Mid-Cap Growth Equity Portfolio BlackRock Real Estate Securities Fund BlackRock Tactical Opportunities Fund BlackRock Technology Opportunities Fund BlackRock Total Emerging Markets Fund BlackRock Total Factor Fund BlackRock Funds II BlackRock 20/80 Target Allocation Fund BlackRock 40/60 Target Allocation Fund BlackRock 60/40 Target Allocation Fund BlackRock 80/20 Target Allocation Fund BlackRock Core Bond Portfolio BlackRock Credit Strategies Income Fund BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Flexible Dynamic Bond Portfolio BlackRock Floating Rate Income Portfolio BlackRock Global Dividend Portfolio BlackRock GNMA Portfolio BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock Low Duration Bond Portfolio BlackRock Managed Income Fund BlackRock Multi-Asset Income Portfolio BlackRock Strategic Income Opportunities Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Funds III BlackRock CoreAlpha Bond Fund BlackRock LifePath Dynamic Retirement Fund BlackRock LifePath Dynamic 2020 Fund BlackRock LifePath Dynamic 2025 Fund BlackRock LifePath Dynamic 2030 Fund BlackRock LifePath Dynamic 2035 Fund BlackRock LifePath Dynamic 2040 Fund BlackRock LifePath Dynamic 2045 Fund BlackRock LifePath Dynamic 2050 Fund BlackRock LifePath Dynamic 2055 Fund BlackRock LifePath Dynamic 2060 Fund BlackRock Funds VI BlackRock CoreAlpha Bond Fund BlackRock Global Allocation Fund, Inc. BlackRock Large Cap Series Funds, Inc. BlackRock Advantage Large Cap Core Fund BlackRock Advantage Large Cap Value Fund BlackRock Event Driven Equity Fund BlackRock Large Cap Focus Growth Fund BlackRock Latin America Fund, Inc. BlackRock Long-Horizon Equity Fund

2 BlackRock Mid Cap Dividend Series, Inc. BlackRock Mid Cap Dividend Fund BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond Fund BlackRock New York Municipal Opportunities Fund BlackRock Pennsylvania Municipal Bond Fund BlackRock Municipal Bond Fund, Inc. BlackRock High Yield Municipal Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock Municipal Series Trust BlackRock Strategic Municipal Opportunities Fund BlackRock Natural Resources Trust BlackRock Series, Inc. BlackRock International Fund BlackRock Strategic Global Bond Fund, Inc. FDP Series, Inc. FDP BlackRock Capital Appreciation Fund FDP BlackRock CoreAlpha Bond Fund FDP BlackRock Equity Dividend Fund FDP BlackRock International Fund FDP Series II, Inc. FDP BlackRock CoreAlpha Bond Fund Managed Account Series BlackRock U.S. Mortgage Portfolio Managed Account Series II BlackRock U.S. Mortgage Portfolio (each, a Fund and collectively, the Funds ) Supplement dated August 10, 2018 to the Statement of Additional Information of each Fund (each, an SAI ) Effective November 8, 2018 (the Effective Date ), each Fund will adopt an automatic conversion feature for Investor C, C1, C2 and C3 Shares. Beginning on the Effective Date, Investor C, C1, C2 and C3 Shares of each Fund, as applicable, will automatically convert to Investor A Shares of the same Fund approximately ten years after the date of purchase. Certain Funds (each, a Predecessor Fund ) will be reorganized into corresponding new funds pursuant to reorganizations which are expected to occur on or about September 17, The holding period includes the period Investor C Shares were held in the corresponding Predecessor Fund. Certain Financial Intermediaries, including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore may not be able to process such conversions. In these instances, Investor C, C1, C2 and C3 Shares, as applicable, held as of the Effective Date will automatically convert to Investor A Shares ten years after the Effective Date. Effective November 8, 2018, Part II of each SAI is amended as follows: The following is added after the fifth paragraph of the section entitled Purchase of Shares Deferred Sales Charge Alternative Investor C Shares or the seventh paragraph of the section entitled Purchase of Shares Deferred Sales Charge Alternative Investor B and Investor C Shares, as applicable: Effective November 8, 2018, each Fund adopted an automatic conversion feature for Investor C, C1, C2 and C3 Shares. Investor C, C1, C2 and C3 Shares will be converted into Investor A Shares, as set forth in each Fund s prospectus, of a Fund after a conversion period of approximately ten years, and, thereafter, investors will be subject to lower ongoing fees. 2

3 The following subsection of Purchase of Shares entitled Conversion of Investor C Shares to Investor A Shares is added immediately following the section entitled Purchase of Shares Deferred Sales Charge Alternative Investor C Shares or the section entitled Purchase of Shares Deferred Sales Charge Alternative Investor B and Investor C Shares, as applicable: Conversion of Investor C Shares to Investor A Shares Effective November 8, 2018 (the Effective Date ), approximately ten years after purchase, Investor C, C1, C2 and C3 Shares, as applicable, of each Fund will convert automatically into Investor A Shares of that Fund (the Investor C Conversion ). Certain funds (the Predecessor Funds ) were reorganized into new Funds (the Successor Funds ) pursuant to reorganizations which occurred in September The holding period for Investor C Shares of Successor Funds includes the period such shares were held in the respective Predecessor Fund. It is the Financial Intermediary s responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries, including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore may not be able to process such conversions. In such instances, Investor C Shares held as of the Effective Date will automatically convert to Investor A Shares ten years after the Effective Date. If, as of November 8, 2028 (ten years after the Effective Date), a Financial Intermediary has not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders holding Investor C, C1, C2 or C3 Shares, as applicable, through such Financial Intermediary will no longer be eligible to hold Investor C, C1, C2 or C3 Shares, as applicable, and any such shares will convert to Investor A Shares on such date. The Investor C Conversion will occur at least once each month (on the Investor C Conversion Date ) on the basis of the relative net asset value of the shares of the two applicable classes on the Investor C Conversion Date, without the imposition of any sales load, fee or other charge. The Investor C Conversion will not be deemed a purchase or sale of the shares for Federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C Shares will also convert automatically to Investor A Shares, as set forth in each Fund s prospectus. The Investor C Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares underlying the dividend reinvestment shares were outstanding. The following is added after the tenth paragraph of the section entitled Dividends and Taxes Taxes : No gain or loss will be recognized by Investor C, C1, C2 or C3 shareholders on the conversion to Investor A Shares. A shareholder s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder s tax basis in the converted Investor C, C1, C2 or C3 Shares, as applicable, and the holding period of the acquired Investor A Shares will include the holding period for the converted Investor C, C1, C2 or C3 Shares, as applicable. SAI-C-0818SUP Shareholders should retain this Supplement for future reference. 3

4 BlackRock Advantage Global Fund, Inc. BlackRock Advantage U.S. Total Market Fund, Inc. BlackRock Asian Dragon Fund, Inc. BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Capital Appreciation Fund, Inc. BlackRock Emerging Markets Fund, Inc. BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Funds SM BlackRock Advantage Emerging Markets Fund BlackRock Advantage International Fund BlackRock Advantage Large Cap Growth Fund BlackRock Advantage Small Cap Core Fund BlackRock Advantage Small Cap Growth Fund BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies Fund BlackRock Commodity Strategies Fund BlackRock Emerging Markets Dividend Fund BlackRock Emerging Markets Equity Strategies Fund BlackRock Energy & Resources Portfolio BlackRock Global Long/Short Credit Fund BlackRock Global Long/Short Equity Fund BlackRock Health Sciences Opportunities Portfolio BlackRock High Equity Income Fund BlackRock Impact Bond Fund BlackRock Impact U.S. Equity Fund BlackRock International Dividend Fund BlackRock Mid-Cap Growth Equity Portfolio BlackRock Real Estate Securities Fund BlackRock Short Obligations Fund BlackRock Tactical Opportunities Fund BlackRock Technology Opportunities Fund BlackRock Total Emerging Markets Fund BlackRock Total Factor Fund ishares Developed Real Estate Index Fund ishares Edge MSCI Min Vol EAFE Index Fund ishares Edge MSCI Min Vol USA Index Fund ishares Edge MSCI Multifactor Intl Index Fund ishares Edge MSCI Multifactor USA Index Fund ishares Edge MSCI USA Momentum Factor Index Fund ishares Edge MSCI USA Quality Factor Index Fund ishares Edge MSCI USA Size Factor Index Fund ishares Edge MSCI USA Value Factor Index Fund ishares MSCI Asia ex Japan Index Fund ishares MSCI Developed World Index Fund ishares Municipal Bond Index Fund ishares Russell Mid-Cap Index Fund ishares Russell Small/Mid-Cap Index Fund ishares Short-Term TIPS Bond Index Fund ishares Total U.S. Stock Market Index Fund BlackRock Funds II BlackRock 20/80 Target Allocation Fund BlackRock 40/60 Target Allocation Fund BlackRock 60/40 Target Allocation Fund BlackRock 80/20 Target Allocation Fund BlackRock Core Bond Portfolio BlackRock Credit Strategies Income Fund BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Bond Fund BlackRock Emerging Markets Flexible Dynamic Bond Portfolio BlackRock Emerging Markets Local Currency Bond Fund BlackRock Floating Rate Income Portfolio BlackRock Global Dividend Portfolio BlackRock GNMA Portfolio BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock LifePath Smart Beta 2020 Fund BlackRock LifePath Smart Beta 2025 Fund BlackRock LifePath Smart Beta 2030 Fund BlackRock LifePath Smart Beta 2035 Fund BlackRock LifePath Smart Beta 2040 Fund BlackRock LifePath Smart Beta 2045 Fund BlackRock LifePath Smart Beta 2050 Fund BlackRock LifePath Smart Beta 2055 Fund BlackRock LifePath Smart Beta 2060 Fund BlackRock LifePath Smart Beta Retirement Fund

5 BlackRock Low Duration Bond Portfolio BlackRock Managed Income Fund BlackRock Multi-Asset Income Portfolio BlackRock Strategic Income Opportunities Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Funds III BlackRock CoreAlpha Bond Fund BlackRock LifePath Dynamic Retirement Fund BlackRock LifePath Dynamic 2020 Fund BlackRock LifePath Dynamic 2025 Fund BlackRock LifePath Dynamic 2030 Fund BlackRock LifePath Dynamic 2035 Fund BlackRock LifePath Dynamic 2040 Fund BlackRock LifePath Dynamic 2045 Fund BlackRock LifePath Dynamic 2050 Fund BlackRock LifePath Dynamic 2055 Fund BlackRock LifePath Dynamic 2060 Fund BlackRock LifePath Index Retirement Fund BlackRock LifePath Index 2020 Fund BlackRock LifePath Index 2025 Fund BlackRock LifePath Index 2030 Fund BlackRock LifePath Index 2035 Fund BlackRock LifePath Index 2040 Fund BlackRock LifePath Index 2045 Fund BlackRock LifePath Index 2050 Fund BlackRock LifePath Index 2055 Fund BlackRock LifePath Index 2060 Fund ishares MSCI Total International Index Fund ishares Russell 1000 Large-Cap Index Fund ishares S&P 500 Index Fund ishares U.S. Aggregate Bond Index Fund BlackRock Funds VI BlackRock CoreAlpha Bond Fund BlackRock Global Allocation Fund, Inc. BlackRock Index Funds, Inc. ishares MSCI EAFE International Index Fund ishares Russell 2000 Small-Cap Index Fund BlackRock Large Cap Series Funds, Inc. BlackRock Advantage Large Cap Core Fund BlackRock Advantage Large Cap Value Fund BlackRock Event Driven Equity Fund BlackRock Large Cap Focus Growth Fund BlackRock Latin America Fund, Inc. BlackRock Long-Horizon Equity Fund BlackRock Mid Cap Dividend Series, Inc. BlackRock Mid Cap Dividend Fund BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond Fund BlackRock New York Municipal Opportunities Fund BlackRock Pennsylvania Municipal Bond Fund BlackRock Municipal Bond Fund, Inc. BlackRock High Yield Municipal Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock Municipal Series Trust BlackRock Strategic Municipal Opportunities Fund BlackRock Natural Resources Trust BlackRock Series, Inc. BlackRock International Fund BlackRock Strategic Global Bond Fund, Inc. FDP Series, Inc. FDP BlackRock Capital Appreciation Fund FDP BlackRock CoreAlpha Bond Fund FDP BlackRock Equity Dividend Fund FDP BlackRock International Fund Managed Account Series BlackRock U.S. Mortgage Portfolio Managed Account Series II BlackRock U.S. Mortgage Portfolio (each, a Fund and collectively, the Funds ) Supplement dated August 6, 2018 to the Statement of Additional Information ( SAI ) of each Fund

6 Effective immediately, each SAI is amended as follows: The sections entitled Rights of Accumulation and Letter of Intent in the section entitled Purchase of Shares Reduced Initial Sales Charges in Part II of each Fund s SAI are deleted in their entirety and replaced with the following: Rights of Accumulation. Investors have a right of accumulation under which the current value of an investor s existing Investor A, Investor A1, Investor B, Investor C, Investor C1, Investor C2, Investor C3, Investor P, Institutional and Class K Shares in most BlackRock Funds and the investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the investor s spouse and children may be combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge. Financial intermediaries may value current holdings of their customers differently for purposes of determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of any previously purchased shares. Certain Funds employ a passive management approach and attempt to match the performance of a target index as closely as possible before the deduction of Fund expenses ( Index Funds ). Although Investor A Shares of Index Funds generally are not subject to a sales charge, an investor s existing Investor A, Investor A1, Investor C, Investor C1, Investor C2, Investor C3, Investor P, Institutional and Class K Shares in the Index Funds may be combined with the amount of an investor s current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge. Letter of Intent. An investor may qualify for a reduced front-end sales charge immediately by signing a Letter of Intent stating the investor s intention to buy a specified amount of Investor A, Investor C, Investor P, Institutional and/or Class K Shares and/or make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds within the next 13 months that would, if bought all at once, qualify the investor for a reduced sales charge. The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor B, Investor C, Investor P, Institutional and Class K Shares and the BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify the Fund of (i) any current holdings in the BlackRock Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent, the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P Shares, as applicable, held in escrow to pay the difference. The first paragraph of the section entitled Purchase of Shares Reduced Initial Sales Charges Other in Part II of each Fund s SAI is deleted in its entirety and replaced with the following: Other. The following persons may also buy Investor A or Investor P Shares without paying a sales charge: (a) certain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through certain employer-sponsored retirement plans provided the shares are transferred to the same BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A or Investor P Net Asset Value agreement, as applicable, with respect to such program with the Distributor; (c) insurance company separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other

7 financial institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a transaction fee; (g) state sponsored 529 college savings plans; and (h) persons involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but only up to the amount that was liquidated). The following persons associated with the Funds, the Fund s Manager, Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate family members of such persons ( immediate family members shall be defined as the investor, the investor s spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies, procedures and trading platforms of your financial intermediary; consult your financial adviser. SAI-AI-0818SUP Shareholders should retain this Supplement for future reference.

8 BlackRock Advantage Global Fund, Inc. BlackRock Advantage U.S. Total Market Fund, Inc. BlackRock Asian Dragon Fund, Inc. BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Capital Appreciation Fund, Inc. BlackRock Emerging Markets Fund, Inc. BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Funds SM BlackRock Advantage Emerging Markets Fund BlackRock Advantage International Fund BlackRock Advantage Large Cap Growth Fund BlackRock Advantage Small Cap Core Fund BlackRock Advantage Small Cap Growth Fund BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies Fund BlackRock Commodity Strategies Fund BlackRock Emerging Markets Dividend Fund BlackRock Emerging Markets Equity Strategies Fund BlackRock Energy & Resources Portfolio BlackRock Global Long/Short Credit Fund BlackRock Global Long/Short Equity Fund BlackRock Health Sciences Opportunities Portfolio BlackRock High Equity Income Fund BlackRock Impact Bond Fund BlackRock Impact U.S. Equity Fund BlackRock International Dividend Fund BlackRock Mid-Cap Growth Equity Portfolio BlackRock Real Estate Securities Fund BlackRock Short Obligations Fund BlackRock Tactical Opportunities Fund BlackRock Technology Opportunities Fund BlackRock Total Emerging Markets Fund BlackRock Total Factor Fund ishares Developed Real Estate Index Fund ishares Edge MSCI Min Vol EAFE Index Fund ishares Edge MSCI Min Vol USA Index Fund ishares Edge MSCI Multifactor Intl Index Fund ishares Edge MSCI Multifactor USA Index Fund ishares Edge MSCI USA Momentum Factor Index Fund ishares Edge MSCI USA Quality Factor Index Fund ishares Edge MSCI USA Size Factor Index Fund ishares Edge MSCI USA Value Factor Index Fund ishares MSCI Asia ex Japan Index Fund ishares MSCI Developed World Index Fund ishares Municipal Bond Index Fund ishares Russell Mid-Cap Index Fund ishares Russell Small/Mid-Cap Index Fund ishares Short-Term TIPS Bond Index Fund ishares Total U.S. Stock Market Index Fund BlackRock Funds II BlackRock 20/80 Target Allocation Fund BlackRock 40/60 Target Allocation Fund BlackRock 60/40 Target Allocation Fund BlackRock 80/20 Target Allocation Fund BlackRock Core Bond Portfolio BlackRock Credit Strategies Income Fund BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Bond Fund BlackRock Emerging Markets Flexible Dynamic Bond Portfolio BlackRock Emerging Markets Local Currency Bond Fund BlackRock Floating Rate Income Portfolio BlackRock Global Dividend Portfolio BlackRock GNMA Portfolio BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock LifePath Smart Beta 2020 Fund BlackRock LifePath Smart Beta 2025 Fund BlackRock LifePath Smart Beta 2030 Fund BlackRock LifePath Smart Beta 2035 Fund BlackRock LifePath Smart Beta 2040 Fund BlackRock LifePath Smart Beta 2045 Fund BlackRock LifePath Smart Beta 2050 Fund BlackRock LifePath Smart Beta 2055 Fund BlackRock LifePath Smart Beta 2060 Fund BlackRock LifePath Smart Beta Retirement Fund

9 BlackRock Low Duration Bond Portfolio BlackRock Managed Income Fund BlackRock Multi-Asset Income Portfolio BlackRock Strategic Income Opportunities Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Funds III BlackRock CoreAlpha Bond Fund BlackRock LifePath Dynamic Retirement Fund BlackRock LifePath Dynamic 2020 Fund BlackRock LifePath Dynamic 2025 Fund BlackRock LifePath Dynamic 2030 Fund BlackRock LifePath Dynamic 2035 Fund BlackRock LifePath Dynamic 2040 Fund BlackRock LifePath Dynamic 2045 Fund BlackRock LifePath Dynamic 2050 Fund BlackRock LifePath Dynamic 2055 Fund BlackRock LifePath Dynamic 2060 Fund BlackRock LifePath Index Retirement Fund BlackRock LifePath Index 2020 Fund BlackRock LifePath Index 2025 Fund BlackRock LifePath Index 2030 Fund BlackRock LifePath Index 2035 Fund BlackRock LifePath Index 2040 Fund BlackRock LifePath Index 2045 Fund BlackRock LifePath Index 2050 Fund BlackRock LifePath Index 2055 Fund BlackRock LifePath Index 2060 Fund ishares MSCI Total International Index Fund ishares Russell 1000 Large-Cap Index Fund ishares S&P 500 Index Fund ishares U.S. Aggregate Bond Index Fund BlackRock Funds VI BlackRock CoreAlpha Bond Fund BlackRock Global Allocation Fund, Inc. BlackRock Index Funds, Inc. ishares MSCI EAFE International Index Fund ishares Russell 2000 Small-Cap Index Fund BlackRock Large Cap Series Funds, Inc. BlackRock Advantage Large Cap Core Fund BlackRock Advantage Large Cap Value Fund BlackRock Event Driven Equity Fund BlackRock Large Cap Focus Growth Fund BlackRock Latin America Fund, Inc. BlackRock Long-Horizon Equity Fund BlackRock Mid Cap Dividend Series, Inc. BlackRock Mid Cap Dividend Fund BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond Fund BlackRock New York Municipal Opportunities Fund BlackRock Pennsylvania Municipal Bond Fund BlackRock Municipal Bond Fund, Inc. BlackRock High Yield Municipal Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock Municipal Series Trust BlackRock Strategic Municipal Opportunities Fund BlackRock Natural Resources Trust BlackRock Series, Inc. BlackRock International Fund BlackRock Strategic Global Bond Fund, Inc. FDP Series, Inc. FDP BlackRock Capital Appreciation Fund FDP BlackRock CoreAlpha Bond Fund FDP BlackRock Equity Dividend Fund FDP BlackRock International Fund Managed Account Series BlackRock U.S. Mortgage Portfolio Managed Account Series II BlackRock U.S. Mortgage Portfolio (each, a Fund and collectively, the Funds ) Supplement dated August 3, 2018 to the Statement of Additional Information ( SAI ) of each Fund 2

10 Effective immediately, each SAI is amended as follows: The third paragraph in the section entitled Purchase of Shares Institutional Shares Eligible Institutional Share Investors in Part II of each Fund s SAI is deleted in its entirety and replaced with the following: Certain of the Funds offer Institutional Shares as described in each such Fund s Prospectus. In addition, the following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, Bank of America Corporation ( BofA Corp. ), The PNC Financial Services Group Inc., Barclays PLC or their respective affiliates and immediate family members of such persons, if they open an account directly with BlackRock; individuals and Institutional Investors with a minimum initial investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into an agreement with the Distributor to purchase such shares ( Institutional Investors include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company s broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a minimum initial investment of $1,000; clients of the trust departments of PNC Bank and Bank of America, N.A. and their affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund. SAI-INST-EL-0818SUP Shareholders should retain this Supplement for future reference. 3

11 BLACKROCK MUNICIPAL BOND FUND, INC. BlackRock National Municipal Fund (the Fund ) Supplement dated May 30, 2018 to the Statement of Additional Information dated October 27, 2017, as supplemented to date Effective May 31, 2018, the seventh paragraph in the section of the Statement of Additional Information entitled Management and Advisory Arrangements is deleted in its entirety and replaced with the following: BlackRock has contractually agreed to waive the management fee with respect to any portion of each Fund s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchangetraded funds managed by BlackRock or its affiliates that have a contractual management fee, through October 31, 2018 for the Short-Term Fund and through October 31, 2019 for the High Yield Fund and the National Fund. The contractual agreement may be terminated upon 90 days notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of a Fund. Footnote 2 in the section of the Statement of Additional Information entitled Management and Advisory Arrangements is deleted in its entirety and replaced with the following: 2 Effective May 31, 2018, the Manager has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses (as defined in the Fund s Prospectuses)) as a percentage of average daily net assets to 0.68% for Investor A Shares, 1.43% for Investor C Shares, 0.43% for Institutional Shares, 1.23% for Investor C1 Shares, 0.68% for Service Shares and 0.38% for Class K Shares through October 31, The contractual agreement may be terminated upon 90 days notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of the Fund. Prior to May 31, 2018, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) as a percentage of average daily net assets to 0.69% for Investor A Shares, 1.44% for Investor C Shares, 0.44% for Institutional Shares, 1.24% for Investor C1 Shares, 0.69% for Service Shares and 0.39% for Class K Shares. SAI-MBFN-0518SUP Shareholders should retain this Supplement for future reference.

12 BBIF Money Fund BBIF Treasury Fund BIF Money Fund BIF Treasury Fund BlackRock Advantage Global Fund, Inc. BlackRock Advantage U.S. Total Market Fund, Inc. BlackRock Allocation Target Shares BATS: Series A Portfolio BATS: Series C Portfolio BATS: Series E Portfolio BATS: Series M Portfolio BATS: Series P Portfolio BATS: Series S Portfolio BlackRock Asian Dragon Fund, Inc. BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Capital Appreciation Fund, Inc. BlackRock Emerging Markets Fund, Inc. BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Financial Institutions Series Trust BlackRock Summit Cash Reserves Fund BlackRock Funds SM BlackRock Advantage Emerging Markets Fund BlackRock Advantage International Fund BlackRock Advantage Large Cap Growth Fund BlackRock Advantage Small Cap Core Fund BlackRock Advantage Small Cap Growth Fund BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies Fund BlackRock Commodity Strategies Fund BlackRock Emerging Markets Dividend Fund BlackRock Emerging Markets Equity Strategies Fund BlackRock Energy & Resources Portfolio BlackRock Exchange Portfolio BlackRock Global Long/Short Credit Fund BlackRock Global Long/Short Equity Fund BlackRock Health Sciences Opportunities Portfolio BlackRock High Equity Income Fund BlackRock Impact Bond Fund BlackRock Impact U.S. Equity Fund BlackRock International Dividend Fund BlackRock Mid-Cap Growth Equity Portfolio BlackRock Money Market Portfolio BlackRock Multi-Manager Alternative Strategies Fund BlackRock Real Estate Securities Fund BlackRock Short Obligations Fund BlackRock Tactical Opportunities Fund BlackRock Technology Opportunities Fund BlackRock Total Emerging Markets Fund BlackRock Total Factor Fund ishares Developed Real Estate Index Fund ishares Edge MSCI Min Vol EAFE Index Fund ishares Edge MSCI Min Vol USA Index Fund ishares Edge MSCI Multifactor Intl Index Fund ishares Edge MSCI Multifactor USA Index Fund ishares Edge MSCI USA Momentum Factor Index Fund ishares Edge MSCI USA Quality Factor Index Fund ishares Edge MSCI USA Size Factor Index Fund ishares Edge MSCI USA Value Factor Index Fund ishares MSCI Asia ex Japan Index Fund ishares MSCI Developed World Index Fund ishares Russell Mid-Cap Index Fund ishares Russell Small/Mid-Cap Index Fund ishares Short-Term TIPS Bond Index Fund ishares Total U.S. Stock Market Index Fund BlackRock Funds II BlackRock 20/80 Target Allocation Fund BlackRock 40/60 Target Allocation Fund BlackRock 60/40 Target Allocation Fund BlackRock 80/20 Target Allocation Fund BlackRock Core Bond Portfolio BlackRock Credit Strategies Income Fund BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Bond Fund

13 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio BlackRock Emerging Markets Local Currency Bond Fund BlackRock Floating Rate Income Portfolio BlackRock Global Dividend Portfolio BlackRock GNMA Portfolio BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock LifePath Smart Beta 2020 Fund BlackRock LifePath Smart Beta 2025 Fund BlackRock LifePath Smart Beta 2030 Fund BlackRock LifePath Smart Beta 2035 Fund BlackRock LifePath Smart Beta 2040 Fund BlackRock LifePath Smart Beta 2045 Fund BlackRock LifePath Smart Beta 2050 Fund BlackRock LifePath Smart Beta 2055 Fund BlackRock LifePath Smart Beta 2060 Fund BlackRock LifePath Smart Beta Retirement Fund BlackRock Low Duration Bond Portfolio BlackRock Managed Income Fund BlackRock Multi-Asset Income Portfolio BlackRock Strategic Income Opportunities Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Funds III BlackRock Cash Funds: Institutional BlackRock Cash Funds: Treasury BlackRock CoreAlpha Bond Fund BlackRock LifePath Dynamic Retirement Fund BlackRock LifePath Dynamic 2020 Fund BlackRock LifePath Dynamic 2025 Fund BlackRock LifePath Dynamic 2030 Fund BlackRock LifePath Dynamic 2035 Fund BlackRock LifePath Dynamic 2040 Fund BlackRock LifePath Dynamic 2045 Fund BlackRock LifePath Dynamic 2050 Fund BlackRock LifePath Dynamic 2055 Fund BlackRock LifePath Dynamic 2060 Fund BlackRock LifePath Index Retirement Fund BlackRock LifePath Index 2020 Fund BlackRock LifePath Index 2025 Fund BlackRock LifePath Index 2030 Fund BlackRock LifePath Index 2035 Fund BlackRock LifePath Index 2040 Fund BlackRock LifePath Index 2045 Fund BlackRock LifePath Index 2050 Fund BlackRock LifePath Index 2055 Fund BlackRock LifePath Index 2060 Fund ishares MSCI Total International Index Fund ishares Russell 1000 Large-Cap Index Fund ishares S&P 500 Index Fund ishares U.S. Aggregate Bond Index Fund BlackRock Global Allocation Fund, Inc. BlackRock Index Funds, Inc. ishares MSCI EAFE International Index Fund ishares Russell 2000 Small-Cap Index Fund BlackRock Large Cap Series Funds, Inc. BlackRock Advantage Large Cap Core Fund BlackRock Advantage Large Cap Value Fund BlackRock Advantage Large Cap Value Retirement Fund BlackRock Event Driven Equity Fund BlackRock Large Cap Focus Growth Fund BlackRock Latin America Fund, Inc. BlackRock Liquidity Funds California Money Fund Federal Trust Fund FedFund MuniCash MuniFund New York Money Fund TempCash TempFund T-Fund Treasury Trust Fund BlackRock Long-Horizon Equity Fund BlackRock Mid Cap Dividend Series, Inc. BlackRock Mid Cap Dividend Fund BlackRock Multi-State Municipal Series Trust BlackRock New Jersey Municipal Bond Fund BlackRock New York Municipal Opportunities Fund BlackRock Pennsylvania Municipal Bond Fund BlackRock Municipal Bond Fund, Inc. BlackRock High Yield Municipal Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock Municipal Series Trust BlackRock Strategic Municipal Opportunities Fund BlackRock Natural Resources Trust -2-

14 BlackRock Series Fund, Inc. BlackRock Advantage Large Cap Core Portfolio BlackRock Balanced Capital Portfolio BlackRock Capital Appreciation Portfolio BlackRock Global Allocation Portfolio BlackRock Government Money Market Portfolio BlackRock High Yield Portfolio BlackRock U.S. Government Bond Portfolio BlackRock Series, Inc. BlackRock International Fund BlackRock Strategic Global Bond Fund, Inc. BlackRock Variable Series Funds, Inc. BlackRock Advantage Large Cap Core V.I. Fund BlackRock Advantage Large Cap Value V.I. Fund BlackRock Advantage U.S. Total Market V.I. Fund BlackRock Basic Value V.I. Fund BlackRock Capital Appreciation V.I. Fund BlackRock Equity Dividend V.I. Fund BlackRock Global Allocation V.I. Fund BlackRock Global Opportunities V.I. Fund BlackRock Government Money Market V.I. Fund BlackRock High Yield V.I. Fund BlackRock International V.I. Fund BlackRock ishares Alternative Strategies V.I. Fund BlackRock ishares Dynamic Allocation V.I. Fund BlackRock Large Cap Focus Growth V.I. Fund BlackRock Managed Volatility V.I. Fund BlackRock S&P 500 Index V.I. Fund BlackRock Total Return V.I. Fund BlackRock U.S. Government Bond V.I. Fund FDP Series, Inc. FDP BlackRock Capital Appreciation Fund FDP BlackRock CoreAlpha Bond Fund FDP BlackRock Equity Dividend Fund FDP BlackRock International Fund Funds For Institutions Series BlackRock Premier Government Institutional Fund BlackRock Select Treasury Strategies Institutional Fund BlackRock Treasury Strategies Institutional Fund FFI Government Fund FFI Treasury Fund Managed Account Series Advantage Global SmallCap Fund BlackRock GA Disciplined Volatility Equity Fund BlackRock GA Enhanced Equity Fund BlackRock U.S. Mortgage Portfolio Mid Cap Dividend Fund Ready Assets Government Liquidity Fund Ready Assets U.S.A. Government Money Fund Ready Assets U.S. Treasury Money Fund Retirement Series Trust Retirement Reserves Money Fund (each, a Fund and collectively, the Funds ) Supplement dated April 5, 2018 to the Statement of Additional Information of each Fund Each Fund s Statement of Additional Information is amended as follows: The list in the section entitled Purchase of Shares Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments, Miscellaneous Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments, Investment Advisory Arrangements Additional Payments by BlackRock C. Service Organizations Receiving Additional Payments or Investment Adviser and Other Service Providers Additional Payments by BlackRock C. Service -3-

15 Organizations Receiving Additional Payments in Part II, as applicable, of each Fund s current Statement of Additional Information is deleted in its entirety and replaced with the following: ADP Broker-Dealer, Inc. Advisor Group, Inc. Allianz Life Financial Services, LLC Allianz Life Insurance Company of New York Allianz Life Insurance Company of North America American Enterprise Investment Services, Inc. American Fidelity Assurance Company American Fidelity Securities, Inc. American General Life Insurance Company American United Life Insurance Company Annuity Investors Life Insurance Company Aon Hewitt Ascensus Broker Dealer Services, Inc. Ascensus, Inc. AssetMark Trust Company AXA Advisors, LLC AXA Equitable Life Insurance Company Bank of America, N.A. Bank of New York Mellon, The Barclays Capital Inc. BB&T Retirement & Institutional Services Benefit Plans Administrative Services, Inc. Benefit Trust Company BlackRock Advisors, LLC BMO Capital Markets Corp. BNP Paribas BNP Paribas Investment Partners UK Limited BNY Mellon, N.A. BOKF, N.A. Broadridge Business Process Outsourcing, LLC Brown Brothers Harriman & Co. Capital One, N.A. Cetera Advisor Networks LLC Cetera Advisors LLC Cetera Financial Group Cetera Financial Specialists LLC Cetera Investment Services LLC Charles Schwab & Co., Inc. Chicago Mercantile Exchange Inc. Citco Securities, LLC CitiBank, National Association Citigroup Global Markets, Inc. Citizens Business Bank CME Shareholder Servicing LLC CMFG Life Insurance Company Comerica Bank Commonwealth Financial Network Companion Life Insurance Company Computershare Trust Company Conduent HR Services, LLC Credit Suisse Securities (USA) LLC CSC Trust Company of Delaware Delaware Life Insurance Company Delaware Life Insurance Company of New York Deutsche Bank AG Deutsche Bank Trust Company Americas Digital Retirement Solutions, Inc. Edward D. Jones & Co., L.P. Empire Fidelity Investments Life Insurance Company Federal Deposit Insurance Corporation Fidelity Brokerage Services LLC Fidelity Investments Institutional Operations Company, Inc. Fidelity Investments Life Insurance Company Fifth Third Securities, Inc. First Allied Securities, Inc. First Hawaiian Bank First Mercantile Trust Company First MetLife Investors Insurance Company First Republic Bank First Security Benefit Life Insurance and Annuity Company of New York First Symetra National Life Insurance Company of New York FIS Brokerage & Securities Services LLC Forethought Life Insurance Company FSC Securities Corporation Genworth Life and Annuity Insurance Company Genworth Life Insurance Company of New York Girard Securities, Inc. Global Atlantic Distributors, LLC Goldman Sachs & Co. Great-West Financial Retirement Plan Services, LLC Great-West Life & Annuity Insurance Company Great-West Life & Annuity Insurance Company of New York Guardian Insurance & Annuity Company, Inc., The GWFS Equities, Inc. Hartford Life and Annuity Insurance Company Hartford Life Insurance Company Hartford Securities Distribution Company, Inc. Hazeltree Fund Services, Inc. Hightower Securities, Inc. -4-

16 Hilltop Securities Inc. HSBC Bank USA, N.A. Huntington Investment Company, The Institutional Cash Distributors, LLC Integrity Life Insurance Company INVEST Financial Corporation Investment Centers of America, Inc. J.P. Morgan Securities LLC Jefferies LLC Jefferson National Life Insurance Company Jefferson National Life Insurance Company of New York John Hancock Life Insurance Company John Hancock Life Insurance Company of New York JPMorgan Chase Bank, N.A. Kestra Investment Services, LLC Ladenburg Thalmann Advisor Network LLC Lincoln Financial Advisors Corporation Lincoln Financial Distributors, Inc. Lincoln Financial Securities Corporation Lincoln Life & Annuity Company of New York Lincoln National Life Insurance Company Lincoln Retirement Services LLC LPL Financial LLC M&T Securities Inc. Manufacturers and Traders Trust Company Massachusetts Mutual Life Insurance Company Members Life Insurance Company Mercer HR Services, LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated Metavante Corporation MetLife Insurance Company USA Metropolitan Life Insurance Company Mid Atlantic Capital Corporation Midland Life Insurance Company Minnesota Life Insurance Company Mizuho Securities USA Inc. MML Distributors, LLC MML Investors Services, LLC Morgan Stanley & Co. LLC Morgan Stanley Distribution, Inc. Morgan Stanley Smith Barney LLC MUFG Union Bank, National Association National Financial Services LLC National Integrity Life Insurance Company National Life Insurance Company National Planning Corporation National Planning Holdings, Inc. Nationwide Financial Services, Inc. Nationwide Fund Distributors LLC Nationwide Retirement Solutions NCB Federal Savings Bank New England Pension Plan Systems, LLC New York Life Insurance and Annuity Corporation Newport Retirement Services, Inc. NEX Treasury Limited Northbrook Bank & Trust Company Northwestern Mutual Investment Services, LLC NYLife Distributors LLC Oppenheimer & Co., Inc. Pacific Life & Annuity Company Pacific Life Insurance Company Pacific Select Distributors, LLC Park Avenue Securities LLC Pershing LLC PFPC Inc. PFS Investments Inc. Piper Jaffray & Co. PNC Bank, National Association PNC Capital Markets LLC PNC Investments LLC Primerica Shareholder Services, Inc. Principal Life Insurance Company Pruco Life Insurance Company Pruco Life Insurance Company of New Jersey Prudential Annuities Distributors, Inc. Prudential Insurance Company of America Raymond James & Associates, Inc. Raymond James Financial Services, Inc. RBC Capital Markets, LLC Regions Bank Reliance Trust Company Reliastar Life Insurance Company Reliastar Lire Life Insurance Company of New York RiverSource Distributors, Inc. RiverSource Life Insurance Co. of New York RiverSource Life Insurance Company Robert W Baird & Co Incorporated Royal Alliance Associates, Inc. SagePoint Financial, Inc. Sammons Retirement Solutions, Inc. Saturna Trust Company Security Benefit Life Insurance Company Security Financial Resources, Inc. Security Life of Denver Insurance Company SEI Private Trust Company SG Americas Securities, LLC SII Investments, Inc. Silicon Valley Bank Standard Insurance Company -5-

17 State Street Global Markets, LLC Stifel, Nicolaus & Company, Incorporated Summit Brokerage Services, Inc. SunTrust Bank SVB Asset Management Symetra Life Insurance Company Syntal Capital Partners, LLC T. Rowe Price Retirement Plan Services, Inc. TD Ameritrade Clearing, Inc. TD Ameritrade Trust Company TD Ameritrade, Inc. Teachers Insurance and Annuity Association of America TIAA-CREF Tuition Financing, Inc. Transamerica Advisors Life Insurance Company Transamerica Financial Life Insurance Company Treasury Brokerage Trust Company of America U.S. Bancorp Investments, Inc. U.S. Bank, National Association UBATCO & Co. UBS Financial Services, Inc. UBS Securities LLC UMB Bank, National Association United of Omaha Life Insurance Company United States Life Insurance Company in the City of New York, The VALIC Retirement Services Company Vanguard Group, Inc., The Vanguard Marketing Corporation Voya Financial Advisors, Inc. Voya Financial Partners, LLC Voya Institutional Plan Services, LLC Voya Insurance and Annuity Company Voya Investments Distributor, LLC Voya Retirement Insurance and Annuity Company Wells Fargo Advisors, LLC Wells Fargo Advisors Financial Network, LLC Wells Fargo Bank, N.A. Wells Fargo Clearing Services, LLC Wells Fargo Investments, LLC Wells Fargo Securities, LLC Wilmington Trust, National Association Woodbury Financial Services, Inc. ZB, National Association SAI-GLOBAL-0418SUP Shareholders should retain this Supplement for future reference. -6-

18 BBIF Money Fund BBIF Treasury Fund BIF Money Fund BIF Treasury Fund BlackRock Advantage Global Fund, Inc. BlackRock Advantage U.S. Total Market Fund, Inc. BlackRock Allocation Target Shares BATS: Series A Portfolio BATS: Series C Portfolio BATS: Series E Portfolio BATS: Series M Portfolio BATS: Series P Portfolio BATS: Series S Portfolio BlackRock Asian Dragon Fund, Inc. BlackRock Balanced Capital Fund, Inc. BlackRock Basic Value Fund, Inc. BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock California Municipal Series Trust BlackRock California Municipal Opportunities Fund BlackRock Capital Appreciation Fund, Inc. BlackRock Emerging Markets Fund, Inc. BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Financial Institutions Series Trust BlackRock Summit Cash Reserves Fund BlackRock Funds SM BlackRock Advantage Emerging Markets Fund BlackRock Advantage International Fund BlackRock Advantage Large Cap Growth Fund BlackRock Advantage Small Cap Core Fund BlackRock Advantage Small Cap Growth Fund BlackRock All-Cap Energy & Resources Portfolio BlackRock Alternative Capital Strategies Fund BlackRock Commodity Strategies Fund BlackRock Emerging Markets Dividend Fund BlackRock Emerging Markets Equity Strategies Fund BlackRock Energy & Resources Portfolio BlackRock Exchange Portfolio BlackRock Global Long/Short Credit Fund BlackRock Global Long/Short Equity Fund BlackRock Health Sciences Opportunities Portfolio BlackRock High Equity Income Fund BlackRock Impact Bond Fund BlackRock Impact U.S. Equity Fund BlackRock International Dividend Fund BlackRock Mid-Cap Growth Equity Portfolio BlackRock Money Market Portfolio BlackRock Real Estate Securities Fund BlackRock Short Obligations Fund BlackRock Tactical Opportunities Fund BlackRock Total Emerging Markets Fund BlackRock Total Factor Fund ishares Developed Real Estate Index Fund ishares Edge MSCI Min Vol EAFE Index Fund ishares Edge MSCI Min Vol USA Index Fund ishares Edge MSCI Multifactor Intl Index Fund ishares Edge MSCI Multifactor USA Index Fund ishares Edge MSCI USA Momentum Factor Index Fund ishares Edge MSCI USA Quality Factor Index Fund ishares Edge MSCI USA Size Factor Index Fund ishares Edge MSCI USA Value Factor Index Fund ishares MSCI Asia ex Japan Index Fund ishares MSCI Developed World Index Fund ishares Russell Mid-Cap Index Fund ishares Russell Small/Mid-Cap Index Fund ishares Short-Term TIPS Bond Index Fund ishares Total U.S. Stock Market Index Fund BlackRock Funds II BlackRock 20/80 Target Allocation Fund BlackRock 40/60 Target Allocation Fund BlackRock 60/40 Target Allocation Fund BlackRock 80/20 Target Allocation Fund BlackRock Core Bond Portfolio BlackRock Credit Strategies Income Fund BlackRock Dynamic High Income Portfolio BlackRock Emerging Markets Bond Fund BlackRock Emerging Markets Flexible Dynamic Bond Portfolio